(3) China Tech Valuation: EV/Sales versus historic median

Larger China Tech is well below the median EV/Sales (trailing) since the start of 2019 (eg Alibaba is on a c45% discount) whereas most large US Tech or Korea-Taiwan Hardware, Indian IT Services, and small EM-Frontier Tech on a significant premium to the median

Regional indices are averages of the stocks listed under each group, weighted by market capitalisation.
Chart: Hasnain Malik Source: Bloomberg (27 July 2021), Tellimer Research Get the data